So what: The all-cash deal values Cytec at $75.25 per share, translating into a juicy premium of 29% to yesterday's close. When debt is factored into the price, Solvay said the enterprise value of the deal is $6.4 billion, representing a 2015 estimated EBITDA multiple of 14.7 times and making it the second biggest company in the aerospace composite materials space.

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Now what: The transaction should close in the fourth quarter of 2015, with the deal expected to generate annual synergies of more than 100 million euro within three years. "It is a unique opportunity for Solvay to boost its customer offerings in lightweighting with advanced materials in aerospace and automotive, as well as to strengthen its know-how with activities in mining chemicals," said Solvay CEO Jean-Pierre Clamadieu. "Cytec is a high-growth, high-quality group with leading market positions. We are looking forward to working with its excellent teams." Given the regulatory risks that still surround the deal, however, Cytec bulls might want to consider using today's big surge to take some money off the table.